onelove

Help! I've been served.

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2 hours ago, onelove said:

that request wasnt for this account am being sued for. It was on other accounts on my reports that they claim was verified

Whenever someone asks for this, they respond with "the information was verified electronically". There's nothing that I'm aware of that defines how specific their response must be. 

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1 hour ago, onelove said:

Whats the best approach?

Dispute anything that's inaccurate. If it comes back verified without being corrected, you'll then have a violation you can use to leverage a deletion. 

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1 hour ago, Harry Seaward said:

Dispute anything that's inaccurate. If it comes back verified without being corrected, you'll then have a violation you can use to leverage a deletion. 

Just note that the OP would have the burden of proving the item of information is inaccurate. 

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Today i received the settlement agreement and the agreement for judgement and wanted to share with the board to make sure they look OK.

See attachments. Please advise.

 

 

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I would have them amend the judgment agreement to refer to the payment agreement. Add to the beginning something like "In the event defendant does not fulfill the terms of the mutually agreed upon payment agreement, it is hereby agreed judgment may be entered..."

As these are currently written, there's really nothing stopping them from agreeing to accept payments now and then immediately (or any other time) executing the judgment agreement.

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4 minutes ago, Harry Seaward said:

Also, be advised that you're going to have to pay taxes on the $9,500 they are 'forgiving'.

Yes that I knew.

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22 minutes ago, onelove said:

Is is possible to include in the agreement for no 1099 tax form?

Only of they will agree the settlement is not an admission of a debt owed.

@Goody_Ouchless managed to beat the IRS on one of these by arguing that because the agreement stated neither party was admitting any wrongdoing, no debt was actually owed, and therefore no tax could be charged. The agreement has to say that, though. The agreement they drafted is clearly for settlement of a debt owed, so you'll have to get them to change that. They might on a lump sum payoff, but I doubt they will on a payment plan. 

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How Should I Answer the lawsuit in case I  have to consider Bankruptcy. Or how should I ask for extension while I figure things out? I am on day 8 since I was served.

 

 

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51 minutes ago, onelove said:

How Should I Answer the lawsuit in case I  have to consider Bankruptcy.

BK is irrelevant to answering the lawsuit since it wipes out everything, including judgments. 

52 minutes ago, onelove said:

Or how should I ask for extension while I figure things out?

Depends on your local rules, but usually you just file your answer denying everything and that gives you whatever time until trial or they file a MSJ. Should be a few weeks, anyway. 

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7 minutes ago, Harry Seaward said:

BK is irrelevant to answering the lawsuit since it wipes out everything, including judgments. 

Depends on your local rules, but usually you just file your answer denying everything and that gives you whatever time until trial or they file a MSJ. Should be a few weeks, anyway. 

What will give me must time? extension or answers. and is there a form to file for the answers, or do i just write them out on a word doc and print out? any template i can use?

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Probably an answer. I would stay in touch with opposing counsel to let them know your plan, because they probably won't appreciate a surprise answer if they're expecting a signed agreement.

I write my own answer and format it the same as the complaint, but you can use a form if your court has them. 

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5 minutes ago, Harry Seaward said:

Probably an answer. I would stay in touch with opposing counsel to let them know your plan, because they probably won't appreciate a surprise answer if they're expecting a signed agreement.

I write my own answer and format it the same as the complaint, but you can use a form if your court has them. 

There is no agreement. I spoke to them on multiple occasions and tried to negotiate a settlement that would work but they don't seem to agree on the amount and I cant beat myself anymore stressing on this day and night. It seem as if they want to accept the offer but denying it in hope to get more cash out of me which I do not have. 

So I need time as this is getting way above my stress level limits. Dont want to have a hurt attack. Have a family to take care of.

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4 hours ago, Harry Seaward said:

You posted an agreement they sent you and asked us for feedback. Are you saying they no longer agree to those terms? 

With my financial situation i cannot afford that agreement. They are reviewing my proposed settlement amount as a lump sum and wll let me know if they agree. They stated they wll be submitting it to their client to see of they will accept it. But to me it seems like the law office already know what amount is acceptable.

If they do not agree then i wll start to look into to BK options.

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14 hours ago, onelove said:

But to me it seems like the law office already know what amount is acceptable.

I'm sure they do, and it's probably whatever amount they have already told you, but rules of ethics generally require them to present all offers to their client. 

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This should be a teachable moment for those that think what they paid for the debt has any bearing on what they expect to collect. Perhaps someone who still believes that would be willing to call them (recording it, of course) and make the "pennies on the dollar" argument.

 

EDIT: And a lesson for me to not be so careless. I see this in an OC, not a debt buyer. My bad...

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38 minutes ago, Harry Seaward said:

I'm sure they do, and it's probably whatever amount they have already told you, but rules of ethics generally require them to present all offers to their client. 

Well i cant afford the amount they offered. they trying to make money too, at the end of the day BofA had already charged off the balance. So if they cant work with me on a lump sum to settle in full then my choices are limited

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I'm entering this conversation a little late.

Earlier you mentioned you have a good amount of equity in your house, and that your combined defaulted debts are about $35k.  I assume this includes the $20k debt with Bank of America.

Have you considered refinancing your house?  If you have $15k in equity, and can negotiate your defaults down, you may be able to wipe out most of these defaults with a payment you can afford.

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11 minutes ago, LaneBlane said:

I'm entering this conversation a little late.

Earlier you mentioned you have a good amount of equity in your house, and that your combined defaulted debts are about $35k.  I assume this includes the $20k debt with Bank of America.

Have you considered refinancing your house?  If you have $15k in equity, and can negotiate your defaults down, you may be able to wipe out most of these defaults with a payment you can afford.

I have more then $35k Not uncluding the Bank of America. I did look into refinance but no luck at this point. Credit file and score not good.

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54 minutes ago, onelove said:

I have more then $35k Not uncluding the Bank of America. I did look into refinance but no luck at this point. Credit file and score not good.

I would recommend a consultation with a bankruptcy attorney.  Because your defaults are so high, and you may be facing more legal complaints in the future, it's an avenue you should consider.

You can always start making some personal and financial sacrifices like dramatically cutting your spending, selling some personal property, and looking for additional work. If you choose not to move forward with bankruptcy, perhaps these things will help you afford the monthly payment for the BofA settlement.

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6 minutes ago, LaneBlane said:

I would recommend a consultation with a bankruptcy attorney.  Because your defaults are so high, and you may be facing more legal complaints in the future, it's an avenue you should consider.

You can always start making some personal and financial sacrifices like dramatically cutting your spending, selling some personal property, and looking for additional work. If you choose not to move forward with bankruptcy, perhaps these things will help you afford the monthly payment for the BofA settlement.

waiting to see  if they will accept my settlement  offer as a lump sum.. Thats all I have

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1 hour ago, onelove said:

waiting to see  if they will accept my settlement  offer as a lump sum.. Thats all I have

They may be more likely to accept a lump sum if the alternative may include your filing bankruptcy.

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